Competition brings out the best in any company and leads to innovation: Narayana Murthy

“Competition and regulation are the two mechanisms which can ensure that the “Invisible Hand” works to the advantage of the society,” said Infosys founder N.R. Narayana Murthy today during an event.

During the keynote address at the 6th Annual Day Lecture on ‘Creating a Better India – Musings on Economic Governance Ideas for India’ organised by the Competition Commission of India, Murthy said that competition brings out the best in any company and leads to innovation, new ideas, services and products.

Referring to the role of regulation, Murthy advocated for swift and fearless regulatory decisions. He stressed that trust and confidence in the regulators are important to attract more and more entrepreneurs to start businesses.

Within such system, he indicated five roles which the government has to discharge viz. unanimity of conviction and integrity of belief among all political parties that solution to the problem of poverty is through elimination of friction to businesses and entrepreneurs and by creating more jobs; translating this conviction by speedy action to ensure growth of the economy and creation of better jobs; creating an independent and meritocratic judiciary with up-to-date technology, and knowledge of modern, global judicial practices and judgements; introducing transparent and stable taxation policy; and lastly using tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter.

“AI, as the research shows, is becoming core to business strategy, and is compelling business leaders to alter the way they hire, train and inspire teams, and the way they compete and foster innovation. Industry disruption from AI is no longer imminent, it is here,” Mohit Joshi, President, Infosys, said in a statement.

“The organisations that embrace AI with a clearly-defined strategy and use AI to amplify their workforce rather than replace it, will take the lead, and those that don’t will fall behind or find themselves irrelevant,” Joshi added.

Seventy three per cent respondents strongly agreed that their AI deployments have already transformed the way they do business, and 90 per cent C-level executives reported measurable benefits from AI within their organisation.

Organisations are taking steps to prepare employees and business leaders for the future of work, with 53 per cent respondents indicating that their organisation has increased training in the job functions most affected by AI deployments.

More than 1,000 business and IT leaders with decision-making power over AI solutions or purchases at big organisations across seven countries were included in the survey. IANS